Meanwhile, Albert Edwards of SocGen suggested that there has been an excessive «move away from equities» in recent years — instead of noting, for example, that the
volume of U.S. government debt foisted upon the public (even excluding what has been purchased by the Fed) has doubled since 2007, not to mention other sources of global debt
issuance, while the market capitalization of stocks has merely recovered to its previously overvalued
highs.
However, by dollar
volume, those delinquencies also are much
higher today given the record
issuance that occurred in 2006 and 2007 at $ 198.4 and $ 228.6 billion respectively, according to Commercial Mortgage Alert, an industry newsletter.